Events in FASAB’s History

Date Event
1990
October 10, 1990 The U.S. Department of the Treasury, the Office of Management and Budget (OMB), and the Government Accountability Office (GAO) jointly agree to sponsor the Federal Accounting Standards Advisory Board (FASAB) by signing a “Memorandum of Understanding Among the General Accounting Office, the Department of the Treasury, and the Office of Management and Budget on Federal Government Accounting Standards and a Federal Accounting Standards Advisory Board” (Mission MOU)
November 15, 1990 The Chief Financial Officers (CFO) Act signed into law by President George H.W. Bush
1991
January 17, 1991 FASAB sponsors draft Rules of Procedure
January 18, 1991 FASAB sponsors name members, including Elmer Staats as chairman 
January 23, 1991 Last of FASAB’s three sponsors—the U.S. Department of the Treasury, the Office of Management and Budget, and the Government Accountability Office—sign an MOU on the administrative arrangements for FASAB (Administrative MOU)
January 25, 1991 FASAB holds its first meeting.  Topics of discussion include the MOUs; ethics requirements; draft rules of procedure; agenda-setting process; and briefings on GAO’s Title 2, CFO Act, and OMB’s plans to implement financial statement preparation and audits.
1992
February 28, 1992 FASAB holds a public hearing to hear testimony about the objectives of federal financial reporting
June 30, 1992 FASAB holds a roundtable with state leaders to discuss user needs and the objectives of financial reporting
1993
March 30, 1993 FASAB issues Statement of Federal Financial Accounting Standards (SFFAS) 1, Accounting for Selected Assets and Liabilities
April 21–22, 1993 FASAB holds a public hearing to hear testimony about (1) the objectives of federal financial reporting and (2) inventory
August 23, 1993 FASAB issues SFFAS 2, Accounting for Direct Loans and Loan Guarantees
September 2, 1993 FASAB issues Statement of Federal Financial Accounting Concepts (SFFAC) 1, Objectives of Federal Financial Reporting
October 27, 1993 FASAB issues SFFAS 3, Accounting for Inventory and Related Property
1994
November 29, 1994 FASAB holds a public hearing to hear testimony on entity and display
November 30, 1994 FASAB holds a public hearing to hear testimony on cost accounting
1995
January 9–10, 1995 FASAB holds a public hearing to hear testimony on managerial cost accounting and liabilities
April 20, 1995 FASAB issues SFFAC 2, Entity and Display
May 24, 1995 FASAB holds a public hearing to hear testimony about exposure draft, Accounting for Property, Plant, and Equipment
July 31, 1995 FASAB issues SFFAS 4, Managerial Cost Accounting Standards and Concepts
September 20, 1995 FASAB holds a public hearing to hear testimony from interested parties on the Accounting for Revenue and Other Financing Sources exposure draft, issued in July 1995
November 30, 1995 FASAB issues SFFAS 6, Accounting for Property, Plant, and Equipment
December 20, 1995 FASAB issues SFFAS 5, Accounting for Liabilities of the Federal Government
1996
May 10, 1996 FASAB issues SFFAS 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting
June 11, 1996 FASAB issues SFFAS 8, Supplementary Stewardship Reporting
September 26, 1996 FASAB approves formation of Natural Resources Task Force
September 30, 1996 Executive director Ron Young retires; Wendy [Comes] Payne named as Acting Executive Director
December 31, 1996 FASAB issues Overview of Federal Accounting Concepts and Standards (as of September 30, 1996)
1997
January 20, 1997 Wendy [Comes] Payne appointed as executive director of FASAB
January 31, 1997 Elmer Staats retires as first chairman of FASAB
February 1, 1997 David Mosso becomes second chairman of FASAB
March 3, 1997 FASAB issues SFFAS 9, Deferral of the Effective Date of Managerial Cost Accounting Standards for the Federal Government in SFFAS 4
March 12, 1997 FASAB issues Interpretation of Federal Financial Accounting Standards (Interpretation) 1, Reporting on Indian Trust Funds in General Purpose Financial Reports of the Department of the Interior and in the Consolidated Financial Statements of the United States Government: An Interpretation of SFFAS 7
March 12, 1997 FASAB issues Interpretation 2, Accounting for Treasury Judgment Fund Transactions: An Interpretation of SFFAS 4 and SFFAS 5
May 1997 The Accounting and Auditing Policy Committee (AAPC) is organized by OMB, GAO, Treasury, the Chief Financial Officers’ Council (CFOC), and the Council of the Inspectors General on Integrity and Efficiency (CIGIE) (formally the President’s Council on Integrity and Efficiency [PCIE]), as a new body to research accounting and auditing issues requiring guidance
August 29, 1997 FASAB issues Interpretation 3, Measurement Date for Pension and Retirement Health Care Liabilities
December 19, 1997 FASAB issues Interpretation 4, Accounting for Pension Payments in Excess of Pension Expense
1998
March 1, 1998 AAPC issues Federal Financial Accounting and Auditing Technical Release (Technical Release) 1: Audit Legal Representation Letter Guidance
March 15, 1998 AAPC issues Technical Release 2: Determining Probable and Reasonably Estimable for Environmental Liabilities in the Federal Government
June 1998 FASAB issues SFFAS 10, Accounting for Internal Use Software
June 26, 1998 FASAB holds a public hearing on its proposed amendments to the property, plant, and equipment standards in SFFAS 6, Accounting for Property, Plant, and Equipment
October 5-6, 1998 FASAB holds a public hearing to hear testimony on its exposure draft, Accounting for Social Insurance
December 3, 1998 FASAB holds a public hearing to hear testimony on national defense property, plant, and equipment
December 15, 1998 FASAB issues SFFAS 11, Amendments to Accounting for Property, Plant, and Equipment—Definitional Changes—Amending SFFAS 6 and SFFAS 8 Accounting for Property, Plant, and Equipment and Supplementary Stewardship Reporting
December 1998 FASAB issues SFFAS 12, Recognition of Contingent Liabilities Arising from Litigation: An Amendment of SFFAS 5, Accounting for Liabilities of the Federal Government
December 1998 FASAB issues Interpretation 5, Recognition by Recipient Entities of Receivable Nonexchange Revenue: An Interpretation of SFFAS 7
1999
January 1999 FASAB issues SFFAS 13, Deferral of Paragraph 65.2—Material Revenue-Related Transactions Disclosures
April 1999 FASAB issues SFFAS 14, Amendments to Deferred Maintenance Reporting Amending SFFAS 6, Accounting for Property, Plant and Equipment and SFFAS 8, Supplementary Stewardship Reporting
April 1999 FASAB issues SFFAC 3, Management’s Discussion and Analysis
April 1999 FASAB issues SFFAS 15, Management’s Discussions and Analysis
July 1999 FASAB issues SFFAS 16, Amendments to Accounting for Property, Plant, and Equipment—Measurement and Reporting for Multi-Use Heritage Assets: Amending SFFAS 6 and SFFAS 8 Accounting for Property, Plant, and Equipment and Supplementary Stewardship Reporting
July 31, 1999 AAPC issues Technical Release 3 (Rescinded): Preparing and Auditing Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act
July 31, 1999 AAPC issues Technical Release 4: Reporting on Non-Valued Seized and Forfeited Property
August 1999 FASAB issues SFFAS 17, Accounting for Social Insurance
October 4, 1999 FASAB sponsors revise MOU to provide that an SFFAS or an SFFAC will become final 90 days after FASAB has transmitted its proposed concept or standard to each of the three FASAB principals, so long as no principal, during that 90-day period, advises FASAB of an objection
October 19, 1999 The American Institute of Certified Public Accountants’ (AICPA) Council designates FASAB as the accounting standards-setting body for federal government entities under Rule 203 of the AICPA’s Code of Professional Conduct
2000
May 2000 FASAB issues SFFAS 18, Amendments to Accounting Standards For Direct Loans and Loan Guarantees in Statement of Federal Financial Accounting Standards 2
June 2000 FASAB staff issues Technical Bulletin 2000-1, Purpose and Scope of FASAB Technical Bulletins and Procedures for Issuance
July 2000 FASAB issues Discussion Paper "Accounting for the Natural Resources of the Federal Government" prepared by the FASAB Natural Resources Task Force. 
2001
March 2001 FASAB issues SFFAS 19, Technical Amendments to Accounting Standards For Direct Loans and Loan Guarantees in Statement of Federal Financial Accounting Standards No. 2
April 27, 2001 FASAB holds a public hearing to hear testimony on preliminary views about required supplementary stewardship information
May 14, 2001 AAPC issues Technical Release 5: Implementation Guidance on Statement of Federal Financial Accounting Standards 10: Accounting for Internal Use Software
September 2001 FASAB issues SFFAS 20, Elimination of Certain Disclosures Related to Tax Revenue Transactions by the Internal Revenue Service, Customs, and Others, Amending SFFAS 7, Accounting for Revenue and Other Financing Sources
October 2001 FASAB issues SFFAS 21, Reporting Correction of Errors and Changes in Accounting Principles, Amendment of SFFAS 7, Accounting for Revenue and Other Financing Sources
October 2001 FASAB issues SFFAS 22, Reporting Correction of Errors and Changes in Accounting Principles, Amendment of SFFAS 7, Accounting for Revenue and Other Financing Sources
2002
January 11, 2002 FASAB sponsors revise the MOU to increase the number of public members on the board from three to six, decrease the number of federal government members from six to three, and provide for terms of up to 10 years
July 24, 2002 FASAB staff issues Technical Bulletin 2002-1, Assigning to Component Entities Costs and Liabilities that Result from Legal Claims Against the Federal Government
September 19, 2002 FASAB staff issues Technical Bulletin 2002-2, Disclosures Required by Paragraph 79(g) of SFFAS 7 Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting
2003
January 2003 FASAB issues SFFAS 24, Selected Standards for the Consolidated Financial Report of the United States Government
March 2003 FASAB issues SFFAC 4, Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of the United States Government
April 18, 2003 FASAB issues Interpretation 6, Accounting for Imputed Intra-departmental Costs: An Interpretation of SFFAS 4
May 7, 2003 FASAB sponsors revise the MOU to restore board representation for the Congressional Budget Office
May 8, 2003 FASAB issues SFFAS 23, Eliminating the Category National Defense Property, Plant, and Equipment
June 13, 2003 FASAB staff issues Technical Bulletin 2003-1, Certain Questions and Answers Related to the Homeland Security Act of 2002
July 2003 FASAB issues SFFAS 25, Reclassification of Stewardship Responsibilities and Eliminating the Current Services Assessment
October 2003 FASAB issues Capital and Operating Leases, A Research Report prepared by Susan S. K. Lee on detail from the Federal Aviation Administration.
2004
January 2004 AAPC issues Technical Release 3 (Revised): Auditing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act—Amendments to Technical Release No. 3 Preparing and Auditing Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act
January 2004 AAPC issues Technical Release 6: Preparing Estimates for Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act—Amendments to Technical Release No. 3 Preparing and Auditing Direct Loan and Loan Guarantee Subsidies under the Federal Credit Reform Act
March 4, 2004 FASAB holds a public hearing to hear testimony about comments on two exposure drafts: (1) Heritage Assets and Stewardship Land: Reclassification from Required Supplementary Stewardship Information and (2) Identifying and Reporting Earmarked funds
May 23, 2004 AICPA Council unanimously votes to continue FASAB’s status as a Rule 203 standards-setting authority
October 29, 2004 FASAB issues SFFAS 26, Presentation of Significant Assumptions for the Statement of Social Insurance: Amending SFFAS 25
December 28, 2004 FASAB issues SFFAS 27, Identifying and Reporting Earmarked Funds
2005
January 6, 2005 FASAB issues SFFAS 28, Deferral of the Effective Date of Reclassification of the Statement of Social Insurance: Amending SFFAS 25 and 26
January 31, 2005 FASAB staff issues Staff Implementation Guidance 23.1: Guidance for Implementation of SFFAS 23, Eliminating the Category National Defense Property, Plant, and Equipment: Classification of Items Formerly Considered National Defense PP&E
July 7, 2005 FASAB issues SFFAS 29, Heritage Assets and Stewardship Land
July 22, 2005 FASAB releases Invitation to Comment, Technical Agenda Options, seeking public comment on four projects under consideration
August 15, 2005 FASAB issues SFFAS 30, Inter-Entity Cost Implementation: Amending SFFAS 4, Managerial Cost Accounting Standards and Concepts
August 17, 2005 FASAB holds a public hearing to hear testimony on fiduciary assets
September 19, 2005 FASAB staff hold Budgetary Integrity Roundtable
September 28, 2005 FASAB staff hold Operating Performance Roundtable
November 29, 2005 FASAB staff hold Stewardship Roundtable
December 6, 2005 FASAB staff hold Systems and Control Roundtable
2006
July 24, 2006 FASAB sponsors revise the MOU to provide for an additional 90-day review period in the event of unanticipated circumstances
September 27, 2006 FASAB holds a public hearing to hear testimony on the exposure draft, Definition and Recognition of Elements of Accrual-Basis Financial Statements
September 28, 2006 FASAB issues SFFAS 32, Consolidated Financial Report of the United States Government Requirements
September 28, 2006 FASAB staff issues Technical Bulletin 2006-1, Recognition and Measurement of Asbestos-Related Cleanup Costs
October 23, 2006 FASAB releases Preliminary Views, Accounting for Social Insurance, Revised
October 24, 2006 FASAB issues SFFAS 31, Accounting for Fiduciary Activities
November 2, 2006 FASAB issues Report, FASAB’s Strategic Directions—Clarifying FASAB’s Near-Term Role in Achieving the Objectives of Federal Financial Reporting
December 31, 2006 David Mosso retires as second chairman of FASAB
2007
January 1, 2007 Tom Allen becomes third chairman of FASAB
February 16, 2007 FASAB establishes Fiscal Sustainability Task Force
March 16, 2007 FASAB issues Interpretation 7, Items Held for Remanufacture
May 23, 2007 FASAB holds a public hearing to hear testimony about the Preliminary Views document, Accounting for Social Insurance, Revised
June 1, 2007 AAPC issues Technical Release 7: Clarification of Standards Relating to the National Aeronautics and Space Administration’s Space Exploration Equipment
December 4, 2007 FASAB approves the formation of the Federal Entity Task Force
December 26, 2007 FASAB issues SFFAC 5, Definitions of Elements and Basic Recognition Criteria for Accrual-Basis Financial Statements
2008
February 26, 2008 AAPC issues Technical Release 8: Clarification of Standard Relating to Inter-Entity Costs and Technical Release 9: Implementation Guide for Statement of FASAB 29: Heritage Assets and Stewardship Land
August 21, 2008 FASAB hosts first joint meeting with the Governmental Accounting Standards Board (GASB)
October 14, 2008 FASAB issues SFFAS 33, Pensions, Other Retirement Benefits, and Other Post-employment benefits: Reporting Gains and Losses from Changes in Assumptions and Selecting Discount Rates and Valuation Dates
November 17, 2008 FASAB releases Exposure Draft, Accounting for Social Insurance, Revised
2009
February 4, 2009 FASAB issues SFFAC 6, Distinguishing Basic Information, Required Supplementary Information, and Other Accompanying Information
February 25, 2009 FASAB holds a public hearing to hear testimony from respondents to two exposure drafts: Reporting Comprehensive Long-Term Fiscal Projections for the U.S. Government and Accounting for Social Insurance, Revised
March 19, 2009 FASAB staff issues Staff Implementation Guidance 31.1: Guidance for Implementation of SFFAS 31, Accounting for Fiduciary Activities
July 28, 2009 FASAB issues SFFAS 34, The Hierarchy of Generally Accepted Accounting Principles for Federal Entities, Including the Application of Standards Issued by the Financial Accounting Standards Board
August 27, 2009 FASAB hosts second joint meeting with GASB
September 9, 2009 FASAB staff holds roundtable on reporting by federal entities that primarily apply standards issued by the Financial Accounting Standards Board
September 22, 2009 FASAB staff issues Technical Bulletin 2009-1, Deferral of the Effective Date of Technical Bulletin 2006-1, Recognition and Measurement of Asbestos-Related Cleanup Costs
September 28, 2009 FASAB issues SFFAS 36, Reporting Comprehensive Long-Term Fiscal Projections for the U.S. Government
September 30, 2009 CBO ends representation on the board due to resource constraints
October 14, 2009 FASAB issues SFFAS 35, Estimating the Historical Cost of General Property, Plant, and Equipment—Amending Statements of Federal Financial Accounting Standards 6 and 23
December 3, 2009 FASAB sponsors revise the MOU to provide for the recent departure of CBO and alter the voting requirements to a two-thirds majority to approve standards and concepts
2010
April 5, 2010 FASAB Issues SFFAS 37, Social Insurance: Additional Requirements for Management’s Discussion and Analysis and Basic Financial Statements
April 13, 2010 FASAB issues SFFAS 38, Accounting for Federal Oil and Gas Resources
April 14, 2010 FASAB establishes Reporting Model Task Force
May 23, 2010 AICPA Council unanimously votes to continue FASAB’s status as a Rule 203 standards-setting authority
June 2, 2010 AAPC Issues Technical Release 10: Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment, and Technical Release 11: Implementation Guidance on Cleanup Costs Associated with Equipment
June 24, 2010 FASAB goes to Norwalk, CT to attend third joint meeting with GASB
August 4, 2010 FASAB issues SFFAS 39, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards
August 4, 2010 AAPC issues Technical Release 12, Accrual Estimates for Grant Programs
December 22, 2010 Reporting Model Task Force issues Report to the FASAB containing recommendations for enhancing the federal reporting model (PDF)
2011
February 16, 2011 Tom Allen, Chairman, FASAB, testifies before the House Committee on Oversight and Government Reform Subcommittee on Government Organization, Efficiency and Financial Management regarding recommendations in the December 22, 2010 Reporting Model Task Force Report (PDF)
March 14, 2011 FASAB issues its first annual report
March 31, 2011 FASAB opens a Twitter account
May 11, 2011 FASAB issues SFFAS 40, Definitional Changes Related to Deferred Maintenance and Repairs: Amending Statement of Federal Financial Accounting Standards 6, Accounting for Property, Plant, and Equipment
May 19, 2011 AAPC issues a Management’s Discussion and Analysis Best Practices Report
June 1, 2011 AAPC issues Technical Release 13, Implementation Guide for Estimating the Historical Cost of General Property, Plant & Equipment
June 17, 2011 FASAB launches updated Web site
July 6, 2011 FASAB Staff Issues Technical Bulletin 2011-1, Accounting for Federal Natural Resources Other Than Oil and Gas, and SFFAS 41, Deferral of the Effective Date of SFFAS 38, Accounting for Federal Oil and Gas Resources
July 7, 2011 AAPC Issues a Research Report on Records Retention Timeframes for Property, Plant, & Equipment
August 16, 2011 FASAB Issues SFFAC 7, Measurement of the Elements of Accrual-Basis Financial Statements in Periods After Initial Recording
September 22, 2011 FASAB Staff Issues Technical Bulletin 2011-2, Extended Deferral of the Effective Date of Technical Bulletin 2006-1, Recognition and Measurement of Asbestos-Related Cleanup Costs
October 6, 2011 AAPC Issues Technical Release 14, Implementation Guidance on the Accounting for the Disposal of General Property, Plant & Equipment
November 15, 2011 FASAB issues its second annual report
2012
January 11, 2012 FASAB issues its first Report to Stakeholders: FASAB Three-Year Plan
April 25, 2012 FASAB Issues SFFAS 42, Deferred Maintenance and Repairs, Amending Statements of Federal Financial Accounting Standards 6, 14, 29 and 32
June 1, 2012 FASAB Issues SFFAS 43, Funds from Dedicated Collection, Amending Statement of Federal Financial Accounting Standards 27, Identifying and Reporting Earmarked Funds
July 19,2012 FASAB updates its Mission Statement
November 15, 2012 FASAB Issues its Annual Report and Three-Year Plan
2013
January 3, 2013 FASAB Issues SFFAS 44, Accounting for Impairment of General Property, Plant, and Equipment Remaining in Use
July 8, 2013 FASAB Issues SFFAS 45, Deferral of the Transition to Basic Information for Long-Term Projections
December 16, 2013 FASAB Issues its Annual Report and Three-Year Plan